Russia’s seaborne oil shipments fell to a three-month low last week as Moscow rushed to reroute shipments following U.S. sanctions on major Russian energy companies, the Kommersant business newspaper reported Friday, citing market analysts.
The Center for Pricing Indices, a Russian export-pricing agency, said seaborne exports averaged around 320,000 metric tons per day in the week of Nov. 3-9, the lowest level since mid-July. Only 23 tankers reportedly left Russia that week compared to a typical 26-28.
The drop came less than two weeks after the United States imposed sanctions on Russian oil majors Rosneft and Lukoil. However, analysts at the agency say the slump in seaborne oil exports reflects a temporary dislocation in supply chains rather than a collapse in demand.
The U.S. measures allowed shipowners to charge higher “risk premiums” for carrying Russian oil, especially on routes to Turkey, where authorities enforce compliance rules more strictly, according to The Center for Pricing Indices.
